R2 Companies, a reputable real estate investment and development firm based in Chicago, has recently acquired the downtown office tower located at 150 North Michigan. The 41-story building spans over 655,000 square feet and was purchased for nearly $60 million by a venture led by R2. According to Crain’s report, Eastdil Secured’s brokers Bryan Rosenberg and David Caprile represented the seller during this transaction.
Last June, it was first reported that R2 was in negotiations to acquire the building. However, they were able to secure it at a significant discount compared to its previous sale price of $121 million back in 2017 when it was bought by CBRE Investment Management from New York-based CBRE IM with an additional mortgage of $87 million.
Sources familiar with the deal revealed that R2 received financing from MetLife Investment Management fund which also provided the mortgage used for CBRE IM’s purchase in 2017. This acquisition is part of several recent transactions where downtown properties have been sold at discounted prices.
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